The Journal Entry to Record a Customer's Payment Within the Discount

question 30

Multiple Choice

The journal entry to record a customer's payment within the discount period would include a:

• A)credit to cash
• B)debit to sales discounts
• C)debit to accounts payable
• D)credit to sales

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Definitions:

Ratified

Confirms or approves an action, document, or agreement officially, making it valid and enforceable.

Secondary Indorsers' Liability

Refers to the legal responsibility that falls on endorsers who sign a document or contract after the primary signer, particularly in financial transactions.

Negotiates

The process of discussing something formally to reach an agreement or compromise.

Pays

Refers to the act of giving money in exchange for goods, services, or to fulfill an obligation.